Does the debt ceiling do any good?

Source: Free Press Publications
by Darryl W Perry

“Since its creation, the debt ceiling has never been lowered — EVER — and has been increased 74 times since 1962. Conservative hero Ronald Reagan allowed the debt ceiling to be raised 18 times during his Presidency, and it was raised (or temporarily suspended) another 27 times since 1988. The debt ceiling currently stands at $19.8 trillion and President Trump is working on a deal with Congress to eliminate the debt ceiling altogether. To say this is akin to giving a drunken sailor on shore leave a credit card with no spending limit would be an insult to the drunken sailor on shore leave, because the drunken sailor would still be left with the consequences of his overspending.” [text, Flash audio, or MP3]